Stay up to date, get our newsletter
Do you have big growth plans in store for your business? Cool. Let’s make sure that you have the support that you need to succeed.
Hi, this is Judi Otton with GrowthCast and today I want to talk about how hiring a fractional CFO can help you make your growth plans a wildly successful reality.
First of all, as you’re growing your business, you’re gonna need cash both for startup costs and to cover initial losses. Think about if you’re opening a new location, your sales traffic isn’t going to be up to 100% day one. So there is going to be a period of losses. You’re gonna need some cash to cover that runway. So many businesses with big growth plans start out too fast and burn through all the cash before they get their business up and running at the level where it needs to be.
Second of all, do you need financing? There are a bazillion options out there for financing. So make sure that you get the best available financing for you, in your situation. Also, if you need financing, you’re going to need documents, you’re going to need budgets, cash flow projections, and prior period financials. So you’re going to likely need help getting some of that together.
Finally, once your open, how are you going to track your progress? As I mentioned, there’s going to be a period of time where there’s more money going out than coming in. So you’re going to be wanting to track your burn rate. You’re gonna want to set sales targets for profitability and finally, you may need to, you will likely need to adjust your projections as you learn more after you get to the market. So if you have any questions about this, please leave them in the chat.
This is also part of a series about how a fractional CFO can help you. And here’s the link to that https://bit.ly/3wGYY2B. If you want to check out more, this is Judi Otton with GrowthCast and I’ll be back next week with your Fiscal Fitness Tip of the Week.